$MANULIFE US REIT(BTOU.SI)$announced on 30 Nov, it is acquiring 3 properties in the United States for US$201.6 million, as it increases its exposure to high-growth markets and tenants to drive returns.
The Reit plans to issue 154.1 million new units, representing an increase of 9.6 per cent over the total number of units in issue.
The new units will have an issue price of between US$0.649 and US$0.676 (both figures inclusive). This represents a discount of 5.1 per cent and 8.9 per cent to the volume weighted average price (VWAP) of US$0.7124 per unit for trades done on the preceding market day on Nov 29, up to the time the placement agreement was signed. It also represents a discount of 2 per cent and 5.9 per cent to the adjusted VWAP of US$0.6898.
The new units constitute 9.7 per cent of the base figure. Their offer will be made to eligible institutional, accredited and other investors.
The Reit expects the new units will be issued and commence trading on the Singapore Exchange (SGX) on or around Dec 9.
To ensure fairness to holders of existing units, an advanced distribution will occur on Feb 17, 2022, for unitholders for the period between Jul 1 and Dec 8, at an estimated quantum range of 2.16 US cents to 2.36 US cents.
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